Following Do Kwon’s arrest, 3313 Bitcoin were transferred from LFG

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Last Updated on September 27, 2022 by Bitfinsider

The entire world witnessed Terra’s and its assets’ demise. The ordeal has been chaotic, from UST losing its peg to Interpol issuing a red notice against the network’s founder Do Kwon. There appears to have been another twist in the case involving a large amount of Bitcoin.

According to reports, 3313 Bitcoins worth more than $69 million were transferred from Luna Foundation Guard to two cryptocurrency exchanges based outside of South Korea. This was allegedly done shortly after Kwon’s arrest warrant was issued on September 14th.

South Korean prosecutors were able to freeze some of the transferred Bitcoin for the first time since the ordeal. On September 15th, it was revealed that the LFG abruptly created a wallet on Binance. Following that, 3313 BTC was transferred to both the Kucoin and OKX wallets.

It was also revealed that, beginning on September 15, transactions worth 1354 Bitcoin were made to Kucoin via the LFG account on Binance. OKX received 1959 Bitcoin, which is approximately $39 million.

The investigation has been overseen by the Seoul Southern District Prosecutor’s Office and the Securities Crimes Joint Investigation Team. While these transactions were being made public, the team contacted Kucoin and OKX, pleading with them to freeze the funds.

While Kucoin decided to comply with the request, OKX is said to have ignored it.


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